TAX LECTURES
We are fully aware that, in order to keep up your required number of CPD hours, you have to pay good money to attend lectures (which usually also means travel expenses and time away from the office) and, often, many of these lectures do not reveal very much that is actually of use to you in your work. If much of your time lately involves struggling with personal tax returns, you need to look at lectures which explain the intricacies of the complicated aspects of personal tax in simple terms AND entitle you to claim CPD hours. South Africa has the most complicated tax laws in the world for personal taxpayers. We understand exactly what help you need and we understand that, at the same time, this help should give you CPD hours. Why leave your office for the day and drive half way across the country to attend a presentation when you can watch lectures on the internet AND get the verifiable CPD hours.
We have produced sets of video lectures on the more complex common aspects of personal tax for the tax year ending February 2016, for the tax year ending February 2017 and for the tax year ending February 2018 which will make you and your staff more knowledgeable, more professional, make your work a lot easier and entitle you to claim valuable, verifiable output, CPD hours. Video lectures on the internet actually have an advantage over lectures which you have to physically attend in that you can watch the video lectures over and over again any time you wish. These video lectures are packed with examples of all the sticky questions, relating to personal tax, which we have been asked over the years by WinTax customers. Straight, to-the-point, explanations of how tax calculations work using practical easy-to-follow examples.
The lectures (free with WinTax) come with a simple multiple-choice questionnaire which you can fax or email to us so we can send you your certificate entitling you to claim three-and-a-half verifiable output CPD hours for the 2016 set of lectures, three-and-a-half CPD hours for the 2017 set of lectures and four verifiable output CPD hours for the 2018 set of lectures. Even if you have no interest in the CPD hours, you will find these video lectures invaluable. The video lectures on YouTube can be streamed from options within WinTax. If you do not want WinTax but you do want the CPD hours then contact us to find out how you can get the questionnaire and the CPD hours.
TOPICS COVERED
Medical claims & tax credits
Medical codes and what they mean. Examples for all cases explained. Contribution splits, under and over 65’s etc. Medical tax credits, how they are calculated and exactly how they work starting with the salary slip and ending with the ITR12. Medical claims and medical tax credits for employed taxpayers and for unemployed taxpayers. How medical tax credits affect the tax-assessment and exactly how, and where, in the assessment they affect the tax commitment. Out-of-pocket medical expenses codes 4020, 4022 and 4023 explained. What you can claim using the different codes. How these costs and expenses are converted to tax credits in the 2016 and 2017 tax years. Explanation of exactly how the “excess of 7.5% of taxable income” rule medical claim works.
Lump sums from employers and Retirement Funds
Explanations of exactly how lump sums are taxed. How the circumstances surrounding the awarding of a lump sum can affect which set of SARS’s tax tables is used. How lump sums from Pension, R/A and Provident Fund payouts work. What’s tax-free and what’s taxable. Taxation of severance packages, retrenchment packages, pension lump sums at retirement, pre-retirement withdrawals etc. Taxation of single lump sums received or multiple lump sums received in one year or received over multiple years. SARS’s accumulative method of taxing multiple lump sums explained in detail. What you can deduct from the lump sum to legally reduce the tax. What are the tax implications with a Government, or State, pension fund lump sum. Preservation funds.
Capital Gains Tax for personal taxpayers
CGT explained. How it works. How CGT works on assets you bought after CGT was introduced and sold later. How CGT works on assets you bought before CGT was introduced and sold later. How to work out a base cost for assets bought either before the valuation date or after the valuation date. TAB (Time Apportioned Base cost), valuation method and 80%/20% rule explained. How acquisition costs, improvements and sale costs can affect the profit for capital gains. Different examples explained in detail. Annual exclusions, primary residence exclusions, small-business sale etc. Explains exactly how CGT affects the sale of a small business. All the “fine print” rules explained. Detailed explanation of how the Primary Residence size and/or residency period affect the gain amount. Partnerships explained. What partners get what share of an exclusion and who pays what share of the CGT? How does being married in Community of Property affect a CGT transaction? The “loss limitations” clauses for share transactions explained. What happens regarding CGT and death.
Use of company car fringe benefit
Explanation of exactly how the fringe benefit amounts are calculated and what amount must be added to income for tax. How the car cost and number-of-days-of-use affect the fringe benefit amount. Explanation of how any car expenses incurred by the employee affect the claim. Full explanation of SARS’s formula showing how claim amounts can be affected by basic employer errors. How to calculate claims for one car and also for multiple cars from the same employer or from different employers. Claims for “operating lease” situations.
Provisional Tax
The intricacies of Provisional Estimates explained. What you can claim for Medical Tax credits on provisional estimates and how to work out the calculation of MTC’s.
Motoring costs and claims against a travel allowance
Explanations of exactly who can claim motoring expenses. What you can claim if you do not receive a travel allowance. Claims using SARS’s cents/km tables explained. Claiming actual expenses such as fuel, oil maintenance etc. How the claim is calculated. Multiple examples for all scenarios explained in detail.
Foreign Investment Income
How dividend income from foreign investments is taxed. How to calculate forfeited amounts of taxes deducted offshore. How to calculate squat limits for the assessment and the provisional estimates. How deductions are split in order to calculate local taxable income and foreign taxable income.
Tax advantages of certain investment
Tax advantages of Unit Trust investments. New “tax-free interest” Retirement Plan investments. Calculating taxable income with R/A’s etc. Different Annuity types, living annuities etc – exactly how they work.
New Retirement Fund laws
All the new R/Fund laws explained from what happens at salary source to what happens on the assessment. New 27.5% limits and new annual caps on contributions.